What Is Simplii Financial?
Simplii Financial is CIBC's no-fee digital banking division, launched in 2017 when PC Financial (formerly President's Choice Financial) wound down. Simplii offers a free No-Fee Chequing Account, high-interest savings, GICs, registered accounts, personal loans, mortgages, and a cash back credit card — all without monthly fees on the chequing account.
The key appeal is the combination of a full bank account (not a prepaid card) with access to CIBC's massive ATM network (3,400+ machines across Canada), all at zero monthly cost. Simplii is essentially the no-fee version of CIBC with a streamlined product lineup and online-only delivery.
🏆 Simplii Financial Verdict 2026: 7.5/10
Simplii earns 7.5/10 — genuinely strong for a no-fee traditional bank account, but the $45 NSF fee and lack of debit cash back hold it back. The Simplii Cash Back Visa card (4% at restaurants, no annual fee) is one of Canada's best no-fee credit cards and alone justifies keeping a Simplii account.
For day-to-day debit spending, KOHO is superior: no NSF fees, built-in cash back, and a better app. Use Simplii primarily for the credit card, CIBC ATM access, and registered accounts.
Simplii Cash Back Visa: The Real Reason to Stay
The Simplii Financial Cash Back Visa is exceptional. It earns 4% cash back at restaurants, bars, and food delivery services — the highest no-fee restaurant cash back rate in Canada. You also earn 1.5% at grocery stores and gas stations, and 0.5% on everything else. There's no annual fee and no cap on earnings. This card alone often outperforms paid premium credit cards for Canadians who dine out frequently.
The $45 NSF Problem
Simplii's $45 NSF fee is one of the most punishing in Canadian banking. One accidental overdraft costs you $45 immediately. KOHO charges $0 for NSF events, period. For Canadians managing tight monthly budgets, this distinction alone makes KOHO the safer primary spending account.
Simplii vs KOHO: The Ideal Strategy
Use KOHO for all daily debit spending (1% cash back on groceries, no NSF fees, modern app). Use the Simplii Cash Back Visa for restaurants and larger credit purchases (4% cash back). This dual strategy costs $0 in fees and maximizes rewards across every spending category.
Who Is Simplii Best For?
Simplii suits Canadians who want CIBC ATM access without CIBC fees, those who dine out frequently (Simplii Cash Back Visa is exceptional), people who need a full chequing account with cheque writing, and existing CIBC clients who want a no-fee option.